AUD,NZD/Flows and Orders

AUD/USD: 1.0350/1.0400 likely to cover most eventualities

Unofficial Chinese PMI data is the main risk event (01:45 GMT) but dealers still expect the AUD/USD to stay inside tight ranges. There was some selling overnight around the time of the London Fix but those losses were quickly reversed. Dealers mention bids near 1.0350 and solid offers at 1.0400, and they do not expect the pair to trade outside of this range during Asian trade (barring a big surprise from the HSBC data). As a rough sentiment guide, 3 out of 4 dealers are tending bearish on today’s session.

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